Weather Insurance is a specialty insurance product that is used more today than ever, and provides a financial payout if the weather meets pre-set criteria in the policy.
A significant fine against a hospital shows the cost of not having, and the need for, strong IT security and Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). According to the HHS, a Texas pediatric hospital was fined $3.2 million for breaches and HIPAA compliance failures.
Doctors & lawyers will need to improve their cyber security and to buy comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) due to a dramatic increase in hacker & ransomware attacks.
The Cyber Risk Insurance market is growing and evolving rapidly, and will continues to do so. The growth and evolution of the market has been pushed along by the rapid growth and evolution of cyber attacks. Allocating tremendous efforts and resources to your cybersecurity defense does not provide any guarantee you won’t experience an incident, and Cyber Risk Insurance coupled with cybersecurity solutions is a strong approach to protection.
A new cybersecurity regulation will apply to all New York licensed insurance agencies and agents, both resident and non-resident, as presently drafted. The New York Department of Financial Services (“DFS”) has issued a revised draft of its cybersecurity regulation, titled Cybersecurity Requirements for Financial Services Companies (23 NYCRR 500, see here).